August 25, 2006 5:59 AM
Mortgage Rates Fall For 5 Weeks In a Row
Bankrate reports the gap between 30-year fixed mortgage and 5/1 adjustable rate mortgage has been significantly reduced. With only a quarter point difference, should you consider to refinance your soon-to-be-adjusted ARM loans?
From Bankrate:
The gap between fixed-rate and adjustable-rate mortgages has narrowed in recent months, handing homeowners an opportunity to refinance.
The benchmark 30-year fixed-rate mortgage fell 3 basis points to 6.48 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.32 discount and origination points. One year ago, the mortgage index was 5.86 percent; four weeks ago, it was 6.77 percent. The last time the benchmark 30-year rate was lower was in Bankrate's March 29 survey, when it was 6.44 percent.
The benchmark 15-year, fixed-rate mortgage fell 4 basis points to 6.19 percent. The benchmark 5/1 adjustable-rate mortgage fell 4 basis points to 6.24 percent.
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